Finance Act 1972

120 Alteration of amount of estate duty

(1) In relation to deaths occurring after 21st March 1972 Part I of Schedule 17 to the [1969 c. 32.] Finance Act 1969 (amount of duty) and section 16(3) of the [1894 c. 30.] Finance Act 1894 (small estates) shall be further amended as follows.

(2) In Part I of that Schedule the following shall be substituted for the words following " The amount of the estate duty on an estate " —

“(a) if the aggregate principal value of all property comprised in the estate does not exceed £15,000, shall be nil;

(b) in any other case shall be an amount equal to the aggregate of—

(i) 25 per cent. of any amount by which that aggregate principal value exceeds £15,000 but does not exceed £20,000 ; and

(ii) 30 per cent. of any amount by which that aggregate principal value exceeds £20,000 but does not exceed £30,000 ; and

(iii) 35 per cent. of any amount by which that aggregate principal value exceeds £30,000 but does not exceed £40,000 ; and

(iv) 40 per cent. of any amount by which that aggregate principal value exceeds £40.000 but does not exceed £50,000 ; and

(v) 45 per cent. of any amount by which that aggregate principal value exceeds £50,000 but does not exceed £60,000 ; and

(vi) 50 per cent. of any amount by which that aggregate principal value exceeds £60,000 but does not exceed £80,000 ; and

(vii) 55 per cent. of any amount by which that aggregate principal value exceeds £80,000 but does not exceed £100,000 ; and

(viii) 60 per cent. of any amount by which that aggregate principal value exceeds £100,000 but does not exceed £150,000 ; and

(ix) 65 per cent. of any amount by which that aggregate principal value exceeds £150,000 but does not exceed £200,000 ; and

(x) 70 per cent. of any amount by which that aggregate principal value exceeds £200,000 but does not exceed £500,000 ; and

(xi) 75 per cent. of any amount by which that aggregate principal value exceeds £500,000.”

(3) In paragraphs (a) and (b) of section 16(3) of the [1894 c. 30.] Finance Act 1894 " £15,000 " shall be substituted for " £12,500 ".